March 13 (Renewables Now) - French renewable energy producer Albioma SA (EPA:ABIO) has secured a EUR-68-million (USD 76.8m) loan to convert a 34-MW power plant in Guadeloupe from coal to biomass.

The company has agreed the long-term loan with its regular banks, namely BNP Paribas and CIC, which acted as co-arrangers, and Bpifrance. It noted that the deal was signed under very attractive market conditions.

The proceeds will be used to establish new infrastructure and create modifications to the Albioma Caraibes power plant, which is expected to be converted so that it runs 100% on biomass as a complete alternative to coal during 2020.

Albioma commissioned its first overseas 100% bagasse/biomass power plant in September 2018. The facility is known as Galion 2 and is located in Martinique.